Finance History | Japan Exchange — The First Call at Kabutocho
· 1878-5
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Finance History | Japan Exchange — The First Call at Kabutocho
kevin
People treat Japan Exchange Group as a 2013 merger ticker that appeared when two boards combined.
The older half of that ticker opened in Kabutocho in 1878.
On 4 May 1878 the Meiji government issued a Stock Exchange Ordinance. Six days later Eiichi Shibusawa, Yonosuke Mitsui and other Tokyo merchants applied for a licence.
On 15 May 1878 Finance Minister Shigenobu Okuma granted it. Tokyo Kabushiki Torihikijo was born with planned capital of 200,000 yen in 1878 currency and ninety-five shareholders.
Trading began on 1 June 1878. There were seventy-six brokers and fourteen exchange staff.
Listed companies were scarce. For some time the floor dealt mainly in public bonds.
The exchange bought a house that had belonged to First National Bank and set it on the same Kabutocho lot where the present building stands. Rules were drawn with an eye on the New York Stock Exchange.
The street took the name Kabutocho in 1871, after the land was granted to Mitsui and other houses as a Restoration reward.
Wartime law folded eleven Japanese exchanges into the Japan Securities Exchange on 30 June 1943. That body dissolved in 1947.
A members' Tokyo Stock Exchange was reconstituted on 1 April 1949. Trading resumed on 16 May 1949.
Japan Exchange Group, ticker 8697, is the Nikkei 225 listing that now holds Tokyo, Osaka and the commodities book. The pin is 2-1 Nihonbashi-Kabutocho, the lot the 1878 house occupied.
The 1988 granite main building is the public face. TSE Arrows, the visitor gallery, is the part a walker can enter.
The founding rooms of 1878 are gone. The street and the licence date remain.
Photo: Kakidai, CC BY-SA 4.0, via Wikimedia Commons
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